Standard Chartered Bank has warned that bitcoin’s price could potentially decline to ,000. The head of digital asset research at the bank attributed this forecast to a mix of crypto-specific factors and broader macroeconomic influences. Additionally, he warned about the risk of liquidation for some spot exchange-traded fund (ETF) positions, emphasizing that over half of […]
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Standard Chartered Updates Prediction: Doubts SEC Will Approve Spot Ether ETFs in May
Standard Chartered, which was previously optimistic about the U.S. Securities and Exchange Commission (SEC) approving spot ether exchange-traded fund (ETF) applications in May, has now revised its prediction. The bank still sees a positive long-term future for spot ethereum ETFs. Standard Chartered on Spot Ether ETFs Standard Chartered, previously optimistic about a May approval for […]
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Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End
Geoff Kendrick, head of digital assets research at Standard Chartered, recently reiterated the bank’s ambitious Bitcoin price target of 0,000 by the end of this year, despite current market volatility and geopolitical tensions. In a comprehensive interview with BNN Bloomberg, Kendrick highlighted the significant role of ETF inflows and upcoming halving events in driving Bitcoin’s price.
Why Bitcoin Is Set For A Rally To 0,000 By Year-End
One of the principal drivers identified by Kendrick is the remarkable influx of capital into Bitcoin ETFs within the United States. Since the inception of these ETFs in early 2024, they have witnessed approximately billion in net inflows. Kendrick highlighted the significance of these developments, stating, “The ETF inflows in the US have dominated really the demand supply metrics in 2024 so far. This is huge in terms of how the ETFs have gone so far.”
He drew parallels between the current trends in Bitcoin and the historical performance of gold following the introduction of gold ETFs. Kendrick elaborated on the potential scale of this trend by projecting, “From the start of this year to when the ETF market in the US is mature, we’ll get between and 0 billion of inflow.”
In addition to the ETF inflows, the Bitcoin halving event was identified as another pivotal factor. This event, which reduces the reward for mining new blocks thereby halving the rate of new Bitcoin entering circulation, is set to reduce the daily production from 900 BTC to 450 BTC.
Although Kendrick mentioned that this halving might be “less important than previous ones,” he still considers it significant in the short-term supply dynamics. He stated, “Obviously, once we have the halving […], you have only half as many new coins, so that helps at the margin.”
Responding to questions about market skepticism, particularly criticism from figures such as JPMorgan CEO Jamie Dimon, who described Bitcoin as a “Ponzi scheme,” Kendrick offered a defense of Bitcoin’s underlying technology. He argued, “There’s a lot of people out there that don’t understand the basic methodology behind Bitcoin. And it’s really that blockchain technology, which is where the value is medium term.”
Looking Further Ahead
Kendrick continued, explaining the transformative potential of blockchain technology not just for financial services but across various industries, “Bitcoin is the first in on that. It’s the largest asset at the moment, makes up for more than 50% of the crypto market, but that opens up the Ethereum and other use cases, which quite frankly, over the next five to 10 years, you can easily see a lot of traditional finance go on chain.”
Furthermore, he addressed the recent market volatility, noting that Bitcoin had experienced a significant sell-off just prior to the halving, with 0 million in Bitcoin leverage positions being liquidated. The Standard Chartered exec interpreted this as a market correction that might set the stage for a healthier build-up post-halving, saying, “We’ve had a large move lower in Bitcoin. Specifically, on Saturday last weekend, there were 0 million Bitcoin leverage positions that were liquidated. So the market is now looking much more square going into the halving, if you like, in terms of leverage.”
Summarizing his perspective on the future trajectory of Bitcoin, Kendrick expressed a confident outlook, projecting not only recovery but a robust increase in Bitcoin’s price, driven by both the maturation of the ETF market and ongoing technological advancements. His vision for Bitcoin by the end of 2025 reaches even beyond the current year’s target, predicting a potential value of 0,000 per coin.
At press time, BTC traded at ,556.
Standard Chartered Raises Bitcoin Target: BTC Could Hit $150K This Year, $250K Next Year
Standard Chartered has raised its bitcoin forecast, predicting that the cryptocurrency’s price could reach 0,000 next year and 0,000 this year. The bank also adjusted its ether forecast as it anticipates the approval of a spot ether exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) in May. Standard Chartered’s Revised Bitcoin Price […]
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Standard Chartered Predicts Bitcoin At $150,000, ETH At $8,000 By Year-End
Standard Chartered’s latest research notes offer a very bullish outlook for the major digital assets, Bitcoin (BTC) and Ethereum (ETH), by the end of 2024 and beyond. The bank’s analysts project Bitcoin could reach 0,000, while Ethereum could hit the ,000 mark.
These projections come amidst a backdrop of significant developments in the crypto space, including the launch of Bitcoin spot Exchange-Traded Funds (ETFs) and Ethereum’s recent Dencun upgrade.
Bitcoin’s Path To 0,000
The bank’s research delves deep into the factors propelling Bitcoin’s potential surge to 0,000 by year-end. Central to this projection is the influence of Bitcoin spot ETFs, which, since their launch on January 11, have seen rapid inflows exceeding increases in open interest.
According to the bank, this suggests a more robust and sustainable positioning for Bitcoin, distinct from previous speculative peaks. “Rapid inflows to the new Bitcoin (BTC) spot ETFs have dominated […] Most of the inflows are likely to be sticky pension-type flows,” Geoff Kendrick and Suki Cooper elucidate, highlighting the newfound stability in Bitcoin investment trends.
Three pivotal analyses form the cornerstone of Standard Chartered’s Bitcoin valuation:
- Gold Analogy: Drawing parallels with the gold market’s response to the introduction of US gold ETFs, the bank estimates Bitcoin could rise to the 0,000 level, marking a 4.3x increase from its pre-ETF price.
- Two-Asset Optimization: By optimizing a portfolio with 80% gold and 20% Bitcoin at current gold prices, the analysis suggests a Bitcoin level around 0,000.
- ETF Inflows Correlation: Linear extrapolation based on the correlation between ETF inflows and Bitcoin price points to a possible 0,000 level, assuming total ETF inflows around the bank’s midpoint estimate of billion.
Standard Chartered notes that these three measures suggest “that 0,000 is the ‘correct’ end-2025 price level for BTC, […] and that it is likely to be the new midpoint for a sideways trading range at that time.”
Further the research notes that an “overshoot to 0,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.” Previously, the bank only predicted a Bitcoin price of 0,000 by the end of 2024.
Ethereum’s Road To ,000
Ethereum’s expected climb to ,000 by the end of 2024 is anchored in two transformative developments: the Dencun upgrade and the expected approval of ETH spot ETFs. The recent Dencun upgrade, by significantly lowering transaction costs on layer 2 blockchains, enhances Ethereum’s competitive edge.
“Ethereum (ETH) has just undergone the ‘Dencun’ upgrade, which dramatically lowers the cost of transactions […] making ETH more competitive,” the research notes.
The forecast also hinges on the anticipation of US SEC approval for ETH ETFs by May 23, a decision poised to catalyze substantial inflows into Ethereum. Drawing from the Bitcoin ETF experience, Standard Chartered expects similar enthusiasm for Ethereum, with projected inflows of 2.39-9.15 million ETH (equivalent to roughly -45 billion).
This substantial capital infusion is seen as a crucial lever for Ethereum’s price surge. “We expect significant ETF-driven inflows to ETH […] This could drive ETH to the ,000 level by end-2024,” the bank elaborates, underscoring the parallel potential for growth akin to Bitcoin’s trajectory.
The Prognosis For 2025 And Beyond
Looking further ahead, Standard Chartered ventures into the terrain of 2025 predictions, where the bank sees the ETH-to-BTC price ratio ascending back to the 7% level, a hallmark of the 2021-22 period.
This adjustment forecasts an Ethereum price of ,000 by the end of 2025, given the projected Bitcoin level of 0,000. Such a scenario underscores the bank’s optimism about the enduring value proposition and growth potential of these leading digital assets in the medium term.
At press time, BTC traded at ,401.
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Goldman Sachs, the CBOE, Standard Chartered, and other financial institutions participated in the pilot of the Canton Network, a protocol aiming to achieve interoperability in apps using resources from various blockchains. Digital Asset, the company behind the pilot, stated that this test showed the opportunity to reduce costs, risk, and inefficiencies by using this kind […]
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Standard Chartered Expects SEC to Approve Spot Ethereum ETFs in May, Pushing ETH to $4,000
Standard Chartered has predicted that the U.S. Securities and Exchange Commission (SEC) will likely approve a spot ethereum exchange-traded fund (ETF) in May. The banking giant’s analyst foresees the price of ether rising to ,000 by the expected approval date.
Standard Chartered’s Ethereum ETF Prediction
Standard Chartered published a note on Tuesday detailing why it expects the U.S. Securities and Exchange Commission (SEC) to approve spot ethereum exchange-traded funds (ETFs) in May, Bloomberg reported. The bank’s head of crypto research and Western emerging markets FX, Geoff Kendrick, anticipates the SEC’s approval of spot ethereum ETFs to mirror the agency’s approach to spot bitcoin ETF approvals.
The analyst explained that May 23 is the last date by which the securities regulator must approve or deny spot ethereum ETF applications from Vaneck and Ark 21shares. He expects the SEC to make a decision on the final date, similar to its Jan. 10 approval of 11 spot bitcoin ETFs. Kendrick believes that ethereum’s legal and financial situation closely mirrors that of bitcoin, suggesting a similar approval pattern for spot ethereum ETFs.
However, SEC Chairman Gary Gensler remains evasive on whether ethereum is a security, despite stating that most crypto tokens, other than bitcoin, are securities. The SEC delayed its decisions on two spot ethereum ETF applications last week: one from Blackrock and one from Grayscale Investments.
Ethereum’s Price Could Rise to ,000, Analyst Says
Moreover, the Standard Chartered head of crypto research explained that ethereum’s price could reach ,000 by the May 23 approval date if ETH follows a similar trajectory to bitcoin during its ETF approval process. At the time of writing, ether is trading at ,370.
Kendrick’s ,000 ETH price target hinges on several key assumptions, including general market sentiment for approval remaining low, implied volatility being wrong, and the SEC approving multiple spot ethereum ETF applications on the same day as it did with spot bitcoin ETF applications.
While bitcoin’s price experienced a selloff after the spot bitcoin ETF approvals as investors, including FTX, exited the Grayscale Bitcoin Trust (GBTC), Standard Chartered believes that etherum will avoid much of the selloff bitcoin faced. The analyst noted that Grayscale’s existing Ethereum Trust holds a smaller portion of the total market capitalization of ether, compared with the bitcoin held in GBTC. He emphasized:
These factors should make ETH less vulnerable than BTC to a post-approval selloff.
Meanwhile, Standard Chartered said early this month that the price of bitcoin could hit 0K in 2025.
What do you think about Standard Chartered’s prediction regarding spot ethereum ETF approvals and the price of ETH? Let us know in the comments section below.
Standard Chartered: BTC Could Hit $200K in 2025 With Spot Bitcoin ETF Approval
Standard Chartered has predicted that the price of bitcoin could rise to 0,000 next year with the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The bank’s analysts described: “We see this as a watershed moment for normalizing bitcoin participation by institutional money, and we expect approval to drive significant inflows and price upside for bitcoin.”
Standard Chartered’s 0K Bitcoin Prediction
Standard Chartered’s Global Research published a note on digital assets Monday explaining bitcoin’s “price upside” from the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), which many expect to happen on Wednesday.
The note, written by the bank’s head of crypto research, Geoff Kendrick, and Suki Cooper, a precious metal analyst at Standard Chartered Bank NY Branch, explains:
ETF approval is a key driver of BTC price upside … We see this as a watershed moment for normalising bitcoin partipation by institutional money, and we expect approval to drive significant inflows and price upside for BTC.
“To gauge how big a driver this might become, we use the introduction of the first U.S.-based gold ETP (in November 2004) as a good point of comparison. The price of gold rose 4.3x in the seven to eight years it took for gold ETP [exchange-traded product] holdings to mature after the first ETP was introduced,” the analysts detailed.
The Standard Chartered analysts continued:
We expect bitcoin to enjoy price gains of a similar magnitude as a result of U.S. spot ETF approval, but we see these gains materialising over a shorter (one- to two-year) period, given our view that the BTC ETF market will develop more quickly.
“This is consistent with our end-2024 view of bitcoin at the USD 100,000 level. If ETF-related inflows materialise as we expect, we think an end-2025 level closer to USD 200,000 is possible. This assumes that between 437,000 and 1.32mn new bitcoins will be held in spot U.S. ETFs by end-2024. In USD terms, this should be roughly USD 50-100bn,” they further described.
In April last year, Standard Chartered said crypto winter has ended. In November, the bank noted that “crypto spring has sprung,” emphasizing that BTC could reach 0K sooner than previously predicted.
Do you think bitcoin’s price will hit 0K in 2025 as predicted by Standard Chartered? Let us know in the comments section below.
Global Mega Bank Standard Chartered Releases Bullish Forecast For Spot Bitcoin ETFs
Standard Chartered Bank is the latest to give its predictions on the impact Spot Bitcoin ETFs could have on Bitcoin’s price in the long term. The bank took a bullish stance as they predicted that BTC could rise to unprecedented heights by the end of 2025.
Bitcoin Could Hit 0,000 By End Of 2024
According to a report by Standard Chartered shared on the X (formerly Twitter) platform, BTC’s price could reach 0,000 by end-2025. There is the potential for Bitcoin to hit this price level with to 0 billion flowing into the Spot Bitcoin ETFs, says the bank’s Head of Digital Assets Research Geoff Kendrick and Precious Metal Analyst Suki Cooper.
Their projections stem from the fact that an approval of these Spot Bitcoin ETFs could happen as soon as this week. If that happens, Kendrick and Cooper state that will be a key driver of Bitcoin’s price to the upside, something similar to what happened with Gold ETPs. Interestingly, Standard Chartered predicts that BTC could hit 0,000 before this year runs out.
Elaborating on BTC enjoying similar gains to Gold (when Gold ETPs were approved), the bank expects that such gains will materialize over a shorter period for the flagship crypto token. This is based on their view that the Spot BTC ETF market will develop quicker than the Gold ETPs did.
The amount of inflows that these Spot Bitcoin ETFs could witness has continued to be up for debate. Crypto research firm Galaxy Digital took a more conservative stance as they project that only about billion will flow into these funds in the first year. Meanwhile, VanEck’s advisor, Gabor Gurbacs, is only choosing to look at the long term.
“Trillions, Not Billions” In The Long Term
Commenting on Standard Chartered’s report, Gurbacs mentioned that he prefers to look at how much could flow into these funds in the longer term rather than now. With that in mind, he projects that trillions of dollars will flow into Spot Bitcoin ETFs in the long term. Specifically, he makes a case for .5 trillion flowing into these BTC assets.
He explained that this could easily happen, considering that there are roughly 0 trillion in assets globally. As such, .5 trillion, representing just 0.5% of the global allocation, flowing into the Bitcoin ecosystem shouldn’t be a problem. He also bases his projection on the fact that Bitcoin won’t stop rising in value as fiat currencies continue to weaken. BTC has no top because fiat has no bottom, he says.
Gurbacs also expects that Bitcoin will enjoy more acceptance once these Spot Bitcoin ETFs are approved. He says that banks, financial service firms, and regulators will turn from “enemies of Bitcoin to allies of Bitcoin.” This is “immeasurably valuable” as BTC adoption can level, he remarked.
Mark Your Calendars: Bitcoin To Hit $100,000 By End Of 2024, Standard Chartered Says
In a bold projection, Standard Chartered, the British multinational bank, envisions a substantial surge in the value of Bitcoin, anticipating it to reach 0,000 by the conclusion of 2024.
Observing Bitcoin’s impressive resurgence throughout the current year, the bank identifies the onset of what they refer to as the ‘crypto spring.’
This period of renewed vitality in the cryptocurrency market has sparked optimism, leading Standard Chartered to set an ambitious target for Bitcoin’s future valuation.
Bitcoin Surpasses ,200, StanChart Predicts 0K By 2024
The world’s largest cryptocurrency, Bitcoin, attracted interest from institutional investors once again this week, as its price surpassed ,200 on November 29.
Geoff Kendrick, Head of Crypto Research at Standard Chartered Bank, reiterated the company’s bullish forecast that the price of Bitcoin may reach 0,000 in 2024.
The projection is a continuation of the bank’s April outlook for this year. The April research stated that a number of reasons that might propel Bicoin’s ascent over 0,000 are already in action, and that the crypto winter has now come to an end.
The report emphasized that in March of this year, there was disruption in the financial system, which contributed to the “re-establishment” of Bitcoin’s use as a decentralized scarce digital currency.
Kendrick and the Standard team expressed their optimism that the US government’s approval of multiple spot Bitcoin ETFs will be the next catalyst for the growth of cryptocurrencies, and that these developments will occur sooner than originally anticipated.
“We think that a number of spot ETFs will now be approved in the first quarter of 2024 for both Bitcoin and Ethereum, setting the stage for institutional investment,” they said.
Additionally, Standard Chartered highlighted another cause that can lead to future price increases: the upcoming Bitcoin “halving,” which would limit the currency’s supply and is expected to happen in late April 2024.
With its headquarters located in London, Standard Chartered caters to a global clientele of both individual and corporate customers. While it does not offer retail banking services in the United Kingdom, its multibillion-dollar operations across Asia, Africa, and the Middle East position it as one of the world’s most significant financial enterprises.
And it’s because of this significant role in the global financial system that Standard Chartered’s positive prediction for bitcoin earlier this month is all the more intriguing.
Record Hash Rate And Market Maturity Validate Standard’s Bullish Prediction
Bitcoin’s hash rate, the amount of processing power miners are using to secure the network, and a measure of the network’s strength—which recently reached an all-time high—all support Standard Chartered’s bullish stance.
Meanwhile, recent on-chain data from IntoTheBlock indicates that the Bitcoin market has displayed indications of increasing maturity and stability in comparison to large-cap stocks and index funds.
Standard Chartered’s forecast of a Bitcoin price surge has gained validation as Bitcoin has witnessed a remarkable 130 percent surge in 2023. According to the bank, everything is unfolding as anticipated.
BTC’s dominance in the digital assets market remains robust, having increased from 45 percent in April to a current 50 percent share of the overall market cap.
Bernstein analysts echoed Standard Chartered’s optimism, predicting that Bitcoin might reach 0,000 by mid-2025 for the same supply-related reasons.
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